Crypto.com sent cryptocurrency worth more than $400 million to another crypto exchange by mistake. Crypto.com CEO Kris Marszalek admitted the goof-up in a tweet. Ethereum worth $400 million was sent to crypto exchange Gate.io.
According to Crypto.com CEO Kris Marszalek, the exchange was supposed to send 320,000 cryptos to one of its offline wallets, but accidentally sent it to a "whitelisted" address belonging to the corporate account at Gate.io.
"It was supposed to be a move to a new cold storage address, but was sent to a whitelisted external exchange address. We worked with Gate team and the funds were subsequently returned to our cold storage. New process and features were implemented to prevent this from reoccurring," Marszalek said, IANS reported.
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The Crypto.com CEO said the transfers that generated so much speculation on Twitter "were made over three weeks ago, on October 21 to Crypto.com's whitelisted corporate account at Gate.io."
Crypto.com proceeded to withdraw the funds back to its cold wallets over the following days.
"The entirety of ETH was successfully withdrawn by Crypto.com and returned to our cold storage," the company informed.
In August, Crypto.com gave a customer $7.2 million instead of $68 refund, which it is yet to get back and was reported to be suing the customer in question.
